Small Payment Institutions Money Transfer Market is estimated to be US$ 4.6 million by 2032; Increasing Adoption of Mobile-Based Payment Channels to Propel Market Growth

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Published Date: June 2023

The Financial Ethics Authority, according to with Payment Services Regulations, defines a small payment institution as being any person, in this including a corporate entity, registered as a payment institution and included by the Financial Conduct Authority in the Financial Services Register as a small payment institution. Payment SPI (Service Provider Interface) provides a unification framework for hardware vendors to integrate their card reader modules with Point the market growth can be attributed to the rising fund transfers from Immigrant workers to their families.

Moreover, the rising a number of cross-border transactions and the increasing adoption of mobile-based payment channels are expected to propel Small Payment Institutions Money Transfer market growth over the forecast period.

The report " Small Payment Institutions Money Transfer Market, By Application (B2B, B2C and PCP) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2029’’

Key Highlights:

In April 2021, draft Payment and Electronic Money Institution Insolvency Regulations (Regulations) were brought before the UK Parliament for approval. They will introduces a new special administration governments for bankrupt payment institutions (PIs) and electronic money institutions (EMIs). The key purposes of the Regulations are to make sure that in the incident, of an institution’s insolvency (i) funds are returned to customers quickly and (ii) shortfalls in the amounts returned are minimized.
In April 2021, A UK-based and FCA regulated cross-border payments platform ArcaPay has been granted a Payment Institution licence by the Bank of Lithuania. This instritution establish in London in 2011, is opening a new base in Lithuania and unveiling ambitious post-Brexit expansion plans. According to ArcaPay’s founder Marius Bausys, a former corporate foreign exchange specialist at Lloyds Bank, this marks an important milestone in the business evolution.

Analyst View:

The circulation of the digital platform for send money is needful to stimulate customers to move toward online transactions. Moreover, the increasing penetration of mobile devices across the globe in recent years has stimulate the adoption of digital technology in remittance services and cross-border payments. Customers across the globe are also shifting toward digital remittance services as they help decrease the money transfer time and remittance costs.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Small Payment Institutions Money Transfer Market, By Application (B2B, B2C and PCP) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2029”

Key Market Insights from the report:

Small Payment Institutions Money Transfer Market accounted for US$ 2.0 billion by 2022 and is estimated to be US$ 4.6 billion by 2032 and is anticipated to register a CAGR of 8.3%. The Small Payment Institutions Money Transfer Market is segmented based on Application and Region.

Based on Application, Small Payment Institutions Money Transfer Market is segmented into B2B, B2C and PCP.
By Region, the Small Payment Institutions Money Transfer Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape & their strategies of Small Payment Institutions Money Transfer Market:

The prominent players operating in the Small Payment Institutions Money Transfer Market include Absa, Banco Bradesco SA, Western Union Holdings, Inc, Euronet Worldwide, Inc, Moneygram International Inc, Scotiabank and Societe Generale.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period.